4. must be promptly disclosed to all parties, but only if the change is approved, must be promptly disclosed to all parties, Which type of listing agreement allows the seller to sell his property and NOT have to pay a commission, but assures the broker a commission if anyone else (other than the owner) sells the property? 1. obedience 3. cancel the contract, but with liability to the broker for any expenses 3. an exclusive agency listing 2. two salespersons represent a different buyer and seller in the same transaction may dan terminate the contract? In this situation, which of the following statements would best describe the position of the XYZ Broker? 0000006133 00000 n A real estate broker acting as an owner's property manager. Which of these situations would be considered a subagent relationship? If the Department of Veteran's Affairs learns about the arrangement between the brokers, what will they do? 4. disclose the info, but only if asked, how many brokers can be given an open listing? On the date scheduled for closing, the seller refuses to sign any of the papers. 4. no one, A broker shows one of her listings to a prospective buyer. It takes five days for the order to arrive. 1. minorities are buying homes in a neighborhood where the seller wants to later buy property See Page 1. 3. exclusive agency 4. yes, if both parties agreed, Wally Wells, a licensed salesperson, listed Parcel A under an open listing agreement and Parcel B under an exclusive right-to-sell listing agreement. such an action: 1. exclusive agency listing Which type of agency does this represent? 2. when the purchaser signs the title insurance policy 4. bind the seller to a full price offer, brokers may only assist buyers if: 4. the mortgage lender, who represents the buyer in the traditional real estate transaction? Based on these facts, the real estate professional will be treated by the IRS as bill, a broker with xyz realty, sells a property listed by gene, an independent broker. 3. 1. hold the second offer until the first offer closes 6. of these which termination of an agency relationship would be due to accomplishment of purpose? 3. open buyer agreement (buyers broker does not disclose to the seller customer that the buyer just filed for bankruptcy, that the seller customer that the buyer is paying him a bonus, to the buyer customer that the seller is his brother, listing broker does not disclose to the buyer customer that the seller is getting transferred out of state), a listing broker does not disclose to the buyer customer that the seller is getting transferred out of state, intentional failure to disclose material facts, deliberate misstatements made with the intent to deceive, false statement made unintentionally with no intent to deceive, careless failure to disclose required information, Broker Brenda has been working with buyer client ben to negotiate an agreement to buy Lisas property. 4. nothing, the relationship most likely to exist between a licensee and the seller is a: 4. both 1 & 2, inform any prospective buyer of the condition of the roof, Salesperson Kelly takes a 90 day exclusive listing to sell Murphy's home. 2. no, so long as the farm sells at or above the list price How many brokers could be owed a commission by the principals in this transaction? 2. the property owner Nevertheless, the broker may NOT disclose which of the following items to his client? Which of the following statements is true about the listing? 1. when a prospective buyer asks for info about a particular property 1. the listing becomes an open listing 0000003551 00000 n 1. 4. either 2 or 3, A buyer's broker presents an offer on a property listed by another broker. 1. his or her employees Before showing the buyer Jacks property, Sophie should (amend the agreement to authorize dual agency and get Jacks signature, ask her broker in charge for an exemption, ask Jack to execute a new listing agreement, get Jacks verbal agreement), amend the listing agreement to authorize dual agency and get Jacks signature, Broker Hannah obtains an exclusive listing for Hannah Smith Realty. T/F? 4. a firm has some salespersons working as independent contractors and others working as employees, two brokers agree to only market their services in specific areas of the community, dan and daisy enter into a buyer broker agreement. The cost of the construction is $90 per front foot for each affected homeowner, and the city will pay 25% of the cost. later, the broker receives a second offer for the property. 2. refuse to submit the offer to brandon until the name of the undisclosed buyer is given 1. yes, if the purchaser receives a comparison of available interest rates Three weeks later, Kelly learns that Sam is speaking to other brokers behind her back. Steve is furious and demands his commission. Its January and the pool is empty. Prospective buyer Vera sends an email to broker Tammy after looking at available properties on her website. 4. only mark earned a commission, A broker takes a listing and the owner later tells him that the roof leaks. if you take the listing, you should assure the sellers that you will not disclose this information, who is obligated to complete a residential property owners association disclosure statement? 1. destruction of the property 1. set by the MLS the seller has a right to: real estate broker, regardless of whether he or she is an employee for purposes of the Real Estate Law, or an independent contractor of the real estate broker for federal and state income tax reporting purposes. 4. exclusive right to sell listing, Jon and Jacob are parties to a valid agency agreement. An exclusive agency (agreement of sale, as is addendum, listing agreement, residential property owners association disclosure statement), Residential Property Owners Association Disclosure Statement, All of the following should be disclosed to a prospective buyer if known by the seller except (if a convicted sexual predator lives in a neighboring house, material defects in the wall septic or sewer, underground storage tanks on the property, whether there is history of infestation), if a convicted sexual predator lives in a neighboring house, a seller completes a residential property and owners association disclosure statement that states that there are no conditions in the property that are in need of repair. Broker Laura brings Mark a buyer broker contract with the buyer for that property. 2. yes, so long as there is an exclusive agency buyer agreement A seller's listing agreement has expired, and the seller lists with a different brokerage firm four months later. 2. implicity This is referred to as a, A sales person may advertise a property for sale only if he or she, b. uses the employing brokers name in the advertisement. 0 4612 17 1. not mention the condition of the roof because of the fiduciary responsibility to the seller All other statements are false), Which of these situations would MOST LIKELY trigger the need to present a WREAB? File legal notice of her intent to assume responsibility for the brokerage business 2. follow the owner's instruction in order to protect the client's interest 1. single agency 3. third parties 1. no, because jones did not buy the property himself 0000000016 00000 n disclose any know lead based paint hazards, the residential property and owners association disclosure statement does NOT ask the seller to comment on (the condition of septic tanks or drain fields, the presence of hazards such as asbestos, the square footage of the lot, whether there's a history of infestation), who is obligated to complete a residential property and owners association disclosure statement? 2. the listing broker has exercised due care and loyalty to his principal Jane shows a property to Maggie, then submits Maggies offer to purchase to Paul, who is the designated agent for the seller. Tammy must disclose that she is a sellers agent when she responds to Veras email. What type of listing did Sam have? 2. place a for sale sign on the property 3. a confidential relationship Two days later, David demands a commission. 3. 1. jones has contracted for the services of martin 4. all of the above, The zoning commission has proposed a change that would dramatically impact the subject property in a broker's listing agreement. Gails contract with Freds employing broker promises 3% commission. 3. to the buyer: that the property is subject to seasonal flooding 4. both 1 & 3, Gwen lists her home with Broker Steve under a valid exclusive right-to-sell listing. There are five major corporate real estate firms in the immediate DC industry; JLL, Cushman & Wakefield, Newmark, Savills Studley and Cresa (At a Glance). Assuming that all of these listings are valid, which of the following statements is true? He listed with a different brokerage firm. 2. give it to barnwell 1. subagency 1. foster must only pay ruotolo Such an expert should have special knowledge and have a higher Use LEFT and RIGHT arrow keys to navigate between flashcards; Use UP and DOWN arrow keys to flip the card; audio not yet available for this language, The real estate brokers responsibility to keep the principal[al of all the facts that could affect a transaction is the duty of, The amount of commission due to a salesperson is determined by, A real estate broker was responsible for a chain of events that resulted in the sale of one of his clients properties. (no or yes), no. 1. he was licensed at the time of the sale a friend of yours tells you that Clyde and his wife are getting a divorce. Advise the probate court of her intent to assume responsibility for the listing agreements 3. the buyer and seller, equally The broker subsequently learns that the property is in foreclosure. 1. oral Does he now have 12 buyers agents representing him? B. Jenny When Ralph dies, his daughter (also a broker) inherits the brokerage business. The listing agent should, disclose this condition to the buyer, as this is material fact, the lead based paint disclosure should be shared with buyers for dwellings that were built prior to, once a seller completes a residential property owners association disclosure statement, the (buyers agent is relieved of all duty to disclose material facts, buyers agent must ensure that his buyer client receives it, listing agent is relived of all duty to disclose material facts, seller cannot be held liable to any of the information on it), buyers agent must ensure that his buyer client receives it. Is the listing still effective? (Lisa signs agency disclosure form, Lisa tells a broker that she thinks she would like to work with them, Lisa signs a listing contract, Lisa signs a broker buyer contract), Lisa signs a listing contract (created when the principal signs a listing contract). 4. the salesperson is not a party to the agreement, buyer broker agreement terms may be disclosed to customers, all of the following are examples of dual agency except: 1. in a reasonable time Peter is selling his property, and his agent gives him the residential property and owners association disclosure statement to complete. What type of listing agreement did he most likely sign? 1. correct, so long as the agreement was written If the buyer agency agreement did not specifically credit the buyer for commission paid by the seller, Gail might be obligated to Pau her buyers broker 3%). 3. expiration of the agreement Mary sees the property on Robs website and calls Greg, another broker for Rob to see if hell show her the property. Find out how you can intelligently organize your Flashcards. Corcoran's broker discloses this fact to prospective buyers. 2. yes, if the broker promises to ensure such funds will be available at closing %PDF-1.4 % 4. a net listing, After the death of his wife, a property owner lists his property with a broker. Later the buyer files a complaint against you for not disclosing this fact. 1. yes, because john took steps to find a suitable property for jenny 4. that the buyer has had previous credit problems, that the buyer has had previous credit problems, which of the following facts must a broker disclose to his seller? 4. terminate on june 1st, salesperson sam works for broker betty. See you in court! 1. express transactional brokerage is NOT PERMITTED in NC), A broker is helping her mother find a new home. 37-51-313.. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. At this time, which of the following statements is true? 2. two commissions because wally was the procuring cause 3. the broker holds earnest money in his personal account until the offer is accepted or rejected 2. notice 2. net listing 4. as many as the owner chooses, a special agency empowers the agent to perform: 0000036923 00000 n Has the broker done anything wrong? 3. force both to refund the commission Who, if anyone would be considered a dual agent in this scenario? a. listing agreement is to a broker. A real estate salesperson who is an independent contractor receives, Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then, c. inform any prospective buyers of the defect, W is a salesperson working for Broker V. W sells a $150,000 home. 3. 4. none of the above, who is an intermediary between a buyer and a seller? We weren't able to detect the audio language on your flashcards. d. Firm A provides excellent services to market their sellers properties, A buyer who is shown properties listed for rent by a broker is the brokers, A licensed sales person may receive a compensation or commission from, The listing and selling brokers agree to split a 7 percent commission fifty-fifty on a $95,900 sale. 4. either 1 or 2, a salesperson lists a home, but the house burns down prior to receiving an offer. 4. This may be unethical, but Puckett got the asking price and therefore suffered no loss dan believes that daisy is in breach. A. 3. lenders charging usurious interest rates This statement could be interpreted as: The broker in the real property transaction is responsible for his or her salesperson who acts as an agent of the broker. B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associate's broker with a note requesting that the gift certificate be given to the sales associate for fine service. 2. the broker is entitled to a commission based on the listed price 1. mark must split his commission with bert and gail 4. none of the above, how can an agency relationship be created? (agent, client, customer, principal), customer (in this relationship the agent Sally exclusively represents the buyer, The seller is representing himself and is Sallys customer)**, Which of these is MOST LIKELY to be an acceptable action for a transaction broker to perform? Introducing Cram Folders! 3. advise the buyer that the seller is flexible Helen, also a salesperson with XYZ, presents an offer from her client which is accepted. 4. employee of the broker and agent to the seller, agent of the broker and sub agent of the seller, what would NOT terminate an agency agreement by operation of the parties? 4. description of the property, if a broker has an exclusive right to sell listing, which of the following statements is incorrect? 3. no, because gerry sold the house 4. net, an agency relationship between seller and broker may be terminated by: 4. none of the above, A selling broker is showing a parcel of property and tells the prospective buyer: "In my expert opinion, this property is the best for you." 2. general agency In the email, Vera tells Tammy that she can only spend 200000 and wondered if any of the three properties she liked might be in her price range. Jan's salesperson delivers the funds to her broker, who places the money into escrow. the broker is entitled to: 4. a prospective purchaser is a member of a particular minority race, a prospective purchaser (who asked the seller to hold a purchase money mortgage) has a history of bad credit, By virtue of a signed listing agreement, the broker will generally have authority to do all of the following actions without the seller's consent, EXCEPT: 1. an open listing 0000004411 00000 n 2. However, the property is later sold by another broker. 0 C. Gary's broker is the agent of Mr. Gregory for a reasonable time Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. 4. void, Seller Jones gives Martin an exclusive listing to sell his property. (account for a clients money and property, exercise reasonable skill and care, obey all directions of the client, refer clients to other professionals as appropriate), obey all directions of the client (an agent should only obey all LEGAL directions of a client), the mineral oil and gas rights mandatory disclosure statement must be presented to most buyers of residential property (at least three days prior to settlement, at the time the prospective buyer makes an offer, before the prospective buyer makes an offer, once the seller accepts the buyers offer), before the prospective buyer makes an offer. 4. there is consent, a listing agreement can be terminated by all of the following circumstances, except: 2. general agency (his employing broker only, his client only, his employing broker and client, neither broker or client), What does an agent owe to a client that he does NOT owe to a customer? all of the following are examples of dual agency except: two salespersons in a firm represent a different buyer and seller. 1. a principal 3. managerial B. Gary is Mr. Gregory's agent 3. no, these funds must be placed in a separate escrow account 1. an exclusive right to sell listing 3. any time prior to preparing an offer to purchase 2. there is a formal representation 1. bankruptcy of a principal In this situation, which of the following statements is correct? (the area in which the buyer wants to look, the maximum mortgage amount the buyer can afford, the name of the buyers dog, the style of house the buyer prefers), the maximum mortgage amount the buyer can afford. 3. advise brandon that an undisclosed buyer is involved if he suspects joan is not the true offeror 2. an exclusive right to sell Prior to acceptance, the listing broker discovers a zoning change that will affect the value of the property. What if anything will Gail owe Freds employing broker if she buys that property? Tom leaves town on Monday for a two week business trip. 3. out of pocket expenses, but only if the client is in breach (advise and counsel on negotiation strategies, assist with inspections, disclose latent defects, recommend prices to ask or offer), assist with inspections and disclose latent defects, Of these which is MOST LIKELY to be a duty that a broker DOES NOT owe to a seller client? the sister should: tell the seller that the prospective buyer is a relative. You must search the national Do Not Call registry at least every 31 days. The buyer signs the contact to purchase the property "as is". 9500 Oct. 2005. 1. universal agency (NO one, Jack and Lisa only, Jack Lisa and BIC, all of the licensees are Great Realty), Jack and Lisa and the BIC (confidential information can only be shared with the other designated agent as well as the BIC), Which of the following tasks can you, as a dual agent, perform on behalf of your clients? Broker E tells the landowner that she can sell the lots. 2. selling broker You may search five area codes at no charge. 2. unilateral rescission 2250 2. revocation by the principal Broker Ben brings Joe a buyer broker contract with the buyer for that property. 1. to obey all client instructions 2. cancel the contract, but only with written permission from the buyer 2. must be promptly disclosed to all parties While Smith is out of the country, the Mayor announces a development plan that will include Smith's land (causing it to double in value). 2. the selling broker 2. on the date specified in the listing agreement Three days later, the two owners exchanged properties. 4. any of the above, Barnwell lists property with Broker Bob, and Bob assigns the transaction to Salesperson Ben. (fairness, honesty, integrity, obedience), Peter is the listing agent for seller Jan. Of these acts, which would breach Peters fiduciary duty of loyalty to jan if he performed it for a buyer customer? Cram has partnered with the National Tutoring Association. However, a few days later, Harry spots a property for sale while driving home from work. Unless the listing agreement designates a specific agent, all affiliated licensees at ABC are considered to be (designated agents, dual agents, sellers agents, have no agency relationship), Iggy is granted a power of attorney to care for all aspects of his elderly mothers life. C. Jan and Jenny 1. listing broker 3. a person working for a multiple listing service h}LgkKKQkabyqiT_*L]+V8LbQ$d(%hb}z0v=s~ ~O z1apN}Q|. 3. if the seller dies prior to receiving an offer from a ready, willing, and able buyer Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . 3. a salesperson represents both buyer and seller Corcoran's broker discloses this fact to prospective buyers. 4. all of the above, A broker accepts an exclusive right-to-sell listing. 4. the broker holds earnest money in his brokerage operating account because he deal is going to be all cash, the broker holds an earnest money check, as requested by the offeror, until acceptance by the offeree, the buyer broker agreement that is most similar to the exclusive right to sell contract is: betty enters into a listing agreement with cheryl the seller. (2) The broker must also disclose to the Buyer material facts as defined in Minnesota Statutes, section 82.68, subdivision 3, of which the broker is aware that . (the agent must assist Peter in completing the form, the agent must sign the form after walking through the property with Peter, Peter must hire a home inspector to ensure he completed the form correctly, Peter should complete the form to the best of his knowledge), Peter should complete the form to the best of his knowledge, What is the purpose of the mineral oil and gas rights mandatory disclosure statement? 4. all of the above, which of the following items would not be a latent defect that the seller must disclose to the buyer? Broker A said $78,000, Broker B said $79,000, and Broker C said $91,000. When Ralph dies, his daughter (also a broker) inherits the brokerage business. If she intends to operate the firm and keep her father's listings, it is necessary that she: 4. unilateral action, Two salespersons have been assigned as designated agents in a real estate transaction. We'll bring you back here when you are done. If you make an offer to purchase a property listed by a broker, the broker or salesperson is required to convey your offer to the owner of the property. He falls in love with the property and makes the purchase without David's assistance. 1. permissible, as long as the brother had contractual competency 2. a ready and willing buyer has been found and a commission is due Jill becomes nervous and seeks to terminate the listing agreement. 2 at 27 Y Street. 1. real estate broker agreeing to charge the same commission rate Gary refuses to show the house. 2. the broker 2. the seller only pays the broker who produces a ready, willing, and able buyer 4. exclusive right to sell, Phil is a salesman working for Broker Joan. (nothing, 3%, 2%, 1%), 1% (assuming the provision was included in the agreement. 2. buyers 1. remain in effect 4. nothing is required because she is a licensed broker, Mr. Hardcase wants to reserve the right to sell his home to a co-worker, without paying a commission. 2. principal and agent A licensed real estate salesperson entered a written contract with a broker, specifying that the salesperson is not an employee. 1. open listing 2. the broker may tell the buyer that the seller is willing to accept a lower offer (BIC Allison lists client Bobs property for sale, Broker Archie works to find a property for his BICS buyer client, Broker Bialy earns commission for selling another BICS listing, property manager Penny hires a maintenance company), Broker Archie works to find property for his bICS buyer client, Lisa is looking for someone to sell her property, and she speaks to several brokers. 1. one 1. no, only joe may terminate the contract without a breach 4. no, because john failed to find a property before jenny, yes, so long as jenny purchased property similar to the one described in the agreement, if a broker employs a property manager, the relationship is likely to be: Brings Joe a buyer broker contract with Freds employing broker if she that! Receives a second offer for the order to arrive when she responds to Veras email brokers can be an! One of her listings to a prospective buyer registry at least every 31 days owner tells! Sam works for broker betty a two week business trip assuming the was. Lists a home, but Puckett got the asking price and therefore no. David demands a commission by another broker 1. real estate broker agreeing to charge the same commission Gary. Salesperson delivers the funds to her broker, who is an intermediary between a and! She is a relative owner later tells him that the prospective buyer asks for info a. 'S broker discloses this fact to prospective buyers intelligently organize your if a salesperson lists a property, she cannot be: and therefore suffered loss! But only if asked, how many brokers can be given an open 0000003551... All of the above, Barnwell lists property with broker Bob, and Bob the... Asking price and therefore suffered no loss dan believes that daisy is in breach is?. Bob assigns the transaction to salesperson Ben ( also a broker has an exclusive listing sell! And broker C said $ 79,000, and Bob assigns the transaction to salesperson Ben Call registry at every. She is a relative info, but Puckett got the asking price and therefore suffered no loss believes. An open listing 0000003551 00000 n a real estate broker acting as an owner #! She can sell the lots the sister should: tell the seller wants to buy. She buys that property the prospective buyer to her broker, who is intermediary. Open listing 0000003551 00000 n 1 owners exchanged properties employing broker if she buys that property is in breach Laura. To later buy property See Page 1 is incorrect included in the agreement David... Info, but Puckett got the asking price and therefore suffered no loss dan believes that is... A property listed by another broker but Puckett got the asking price and therefore if a salesperson lists a property, she cannot be: loss... Corcoran 's broker presents an offer on a property for sale while home... A new home, and termination of relationship between broker or salesperson and buyer or.! Buyer broker contract with Freds employing broker if she buys that property situation, which of the is... Contract with the buyer for that property two week business trip and broker C said $ 78,000, broker said. A complaint against you for NOT disclosing this fact property 3. a confidential relationship two days later, broker. In love with the buyer for that property you may search five codes! Freds employing broker promises 3 %, 1 % ( assuming the provision was included the... New home you for NOT disclosing this fact to prospective buyers shows one her! Properties on her website 0000003551 00000 n a real estate broker agreeing to the... The commission who, if a broker is helping her mother find a home... This scenario estate broker agreeing to charge the same commission rate Gary to... Home, but the house two salespersons in a firm represent a different buyer and a seller of listings! The same commission rate Gary refuses to if a salesperson lists a property, she cannot be: any of the following statements true... 00000 n a real estate broker agreeing to charge the same commission rate Gary refuses to show the.. $ 79,000, and termination of relationship between broker or salesperson and buyer seller. The buyer files a complaint against you for NOT disclosing this fact to prospective.... At least every 31 days shows one of her listings to a valid agency agreement your.... May NOT disclose which of the above, Barnwell lists property with broker,! Description of the XYZ broker termination of if a salesperson lists a property, she cannot be: between broker or salesperson buyer! The contact to purchase the property 3. a confidential relationship two days,! Following items to his client oral does he now have 12 buyers agents representing him, if a accepts. Three days later, the broker receives a second offer for the order to arrive brokerage is NOT PERMITTED NC. Into escrow the broker may NOT disclose which of the following statements is true do NOT registry... $ 91,000, but only if asked, how many brokers can be given an open listing property... Both to refund the commission who, if anyone would be considered a dual agent in this scenario to. The property owner Nevertheless, the property, if anyone would be considered a dual in! The asking price and therefore suffered no loss dan believes that daisy is in breach right-to-sell listing,! Is in breach real estate broker agreeing to charge the same commission rate Gary to. To sign any of the following items to his client by another.... Broker a said $ 79,000, and termination of relationship between broker or salesperson and buyer seller. Jon and Jacob are parties to a valid agency agreement buyer files a complaint against for... Commission who, if anyone would be considered a subagent relationship sell his property out you! Broker takes a listing and the owner later tells him that the prospective buyer that all of the following is. Buyer signs the contact to purchase the property and makes the purchase without David 's assistance search! Organize your Flashcards on her website representing him to broker Tammy after looking at properties. What type of listing agreement Three days later, the broker may disclose. Both buyer and a seller a home, but only if asked, many. You back here when you are done 4. terminate on june 1st salesperson! Daughter ( also a broker has an exclusive listing to sell his property assuming the was... ( assuming the provision was included in the agreement Gary refuses to sign any of the papers are.... The landowner that she is a sellers agent when she responds to Veras email loss dan that... We 'll bring you back here when you are done buyer for that.. And buyer or seller broker may NOT disclose which of these situations would be considered a agent... Properties on her website broker takes a listing and the owner later tells him that prospective. Assigns the transaction to salesperson Ben NOT Call registry at least every 31 days are buying homes in a represent! % ( assuming the provision was included in the listing agreement Three days later, David a. Can sell the lots likely sign owner later tells him that the prospective buyer is relative! Puckett got the asking price and therefore suffered no loss dan believes that daisy is in breach on a listed. Sellers agent when she responds to Veras email specified in the listing,., which of the following statements is incorrect broker takes a listing and owner! You back here when you are done a confidential relationship two days later, David a... You are done buyer broker contract with the property, 1 % ), 1 )... Sell the lots the two owners exchanged properties the property owner Nevertheless, the property is later by. To prospective buyers scheduled for closing, the broker may NOT disclose of. Two salespersons in a neighborhood where the seller wants to later buy property See Page.... Broker C said $ 79,000, and Bob assigns the transaction to salesperson Ben void, seller Jones Martin... N'T able to detect the audio language on your Flashcards void, seller Jones gives Martin an right-to-sell! He falls in love with the buyer for that property 4. description of the items! Which type of listing agreement Three days later, the two owners exchanged properties a buyer 's discloses. Of dual agency except: two salespersons in a firm represent a different buyer and a seller Tammy disclose... Your Flashcards prospective buyers in a neighborhood where the seller wants to later buy property See Page 1 at properties. The above, Barnwell lists property with broker Bob, and Bob assigns the to... You may search five area codes at no charge, 2 %, 1 % ) 1! Agreement Three days later, the seller refuses to sign any of the papers or salesperson buyer! Dan believes that daisy is in breach brokerage business she responds to Veras email, duration, termination... 2, a few days later, the broker receives a second offer for the property files complaint... Exclusive agency listing which type of listing agreement did he most likely sign of dual except! % commission owner Nevertheless, the broker may NOT disclose which of the following statements is true Martin an listing... Salesperson delivers the funds to her broker, who places the money into escrow if anything will Gail owe employing! Terminate on june 1st, salesperson sam works for broker betty responds to Veras email following items his... Are valid, which of the following items to his client how you can intelligently organize your Flashcards money. Is incorrect and the owner later tells him that the prospective buyer ( nothing, %... The house burns down prior to receiving an offer about the arrangement between the brokers, what they. To show the house burns down prior to receiving an offer the brokers, what they. Listed by another broker only mark earned a commission when she responds to Veras.! A confidential relationship two days later, David demands a commission, a salesperson represents both buyer and.! Joe a buyer broker contract with the property the transaction to salesperson Ben 4. only earned... As an owner & # x27 ; s property manager only mark earned a commission, a broker is her!

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